Summary: Phoenix Industrial Development Authority, Arizona Mayo Clinic; System

S&P Global Ratings raised the short-term component of its rating on Phoenix Industrial Development Authority, Ariz.'s series 2014B health care facilities revenue bonds, issued for Mayo Clinic, to 'AA/A-1+' from 'AA/A-1.' The outlook is stable. The short-term component of the rating reflects our assessment of the new liquidity facility, in the form of a standby-bond-purchase agreement (SBPA) from Northern Trust Co., substituting for a prior SBPA provided by Wells Fargo Bank N.A., effective Dec. 24, 2019. The long-term rating component reflects the rating on the obligor, Mayo Clinic Arizona. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 41 days' interest for the bonds at an interest rate of 10% annually. The new SBPA

...S&P Global Ratings raised the short-term component of its rating on Phoenix Industrial Development Authority, Ariz.'s series 2014B health care facilities revenue bonds, issued for Mayo Clinic, to '##/A-1+' from '##/A-1.' The outlook is stable. The short-term component of the rating reflects our assessment of the new liquidity facility, in the form of a standby-bond-purchase agreement (SBPA) from Northern Trust Co., substituting for a prior SBPA provided by Wells Fargo Bank N.A., effective Dec. 24, 2019. The long-term rating component reflects the rating on the obligor, Mayo Clinic Arizona. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 41 days' interest for the bonds at an interest rate of 10% annually. The new SBPA terminates Jan. 19, 2021. At such time, if the SBPA is not replaced or extended, we will remove the short-term component of the bond rating. The new SBPA enhances the bonds in the daily and weekly interest-bearing-rate modes (the covered...

Summary